Plaid, the company acquired by Visa for $5.3 billion, was sued in a class action alleging it harvested consumer transaction data without permission. The law suit states “Plaid uses that access to deceptively obtain bank account information from users, accessing information back up to five years, averaging 3,700 transactions per consumer.”
The law suit alleges a fear many consumers have: that their data is being secretly harvested by digital platforms. The CardLinx Association is a leading proponent of improved trust and security in our industry, and recently published a set of data principles that help ensure consumers have full transparency and control over their financial information.
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